Investor Day 2014: Strategic progress Adding value in steel

Investor Day 2014: Strategic progress Adding value in steel Lakshmi Mittal, Chairman and CEO 10 March 2014

Disclaimer Forward-Looking Statements This presentation may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words believe, expect, anticipate, target or similar expressions. Although ArcelorMittal s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the SEC ) made or to be made by ArcelorMittal, including ArcelorMittal s Annual Report on Form 20-F for the year ended December 31, 2013 filed with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise. Non-GAAP Financial Measures This presentation may contain supplemental financial measures that are or may be non- GAAP financial measures. Definitions of such supplemental financial measures and a discussion of the most directly comparable IFRS financial measures can be found on ArcelorMittal's website at http://www.arcelormittal.com/corp/investors/presentations/. 1

Overview GMT EST 13:00 / 09:00 Adding value in steel Lakshmi Mittal 13:30 / 09:30 Focussed on value drivers Aditya Mittal 14:00 / 10:00 Q&A 14:45 / 10:45 - Break for 15 mins 15:00 / 11:00 ACIS turnaround underway Davinder Chugh 15:30 / 11:30 Mining exploiting our potential Bill Scotting 16:00 / 12:00 Developing our franchises in the Americas Lou Schorsch 16:30 / 12:30 - Close - 2

Overview Recap Enablers Continued safety improvement 2013 strategic report card Global overview Key value drivers Critical strategic enablers Focus Operational excellence Innovation Franchise development Outlook Global demand outlook 3

Recap Recap Safety and sustainability Lost time injury frequency rate (LTIF)* 3.1 2.5 1.9 1.8 1.4 1.0 0.8 0.8 Significant improvement in injury frequency reflects Group-wide focus on safety The Group s focus is now on further reducing severity and fatality rates 2007 2008 2009 2010 2011 2012 2013 2014 Target Ultimate objective remains zero harm Safety of our employees remains the No1 priority *LTIF = Lost time injury frequency defined as lost time injuries per 1.000.000 worked hours; based on own personnel and contractors 4

Recap Recap 2013 Strategic Report Card EBITDA 2013 Investor Day Targets 2013 Performance Medium term target $150/t Underlying EBITDA up 10.7% 2013 EBITDA/t = $82 Q4 13 EBITDA/t = $91 Medium Term Target Update Medium term remains $150/t Shipments Increase to 95Mt medium term (5yr CAGR 2.5%) Shipments increased 0.6% due to contraction of core markets Increase to 95Mt medium term (5yr CAGR 2.5%) Net Debt Mid year 2013 target $17bn Medium term target $15bn Mid year 2013 NFD = $16.2bn Year end NFD = $16.1bn Medium term remains $15bn Mgt Gains 2013-15 target $3bn $1.1bn achieved at end 2013 2013-15 target remains $3bn Iron Ore Expand capacity to 84Mtpa by end 2015 Capacity expanded 10Mt in 2013 Medium term capacity target now >84Mt given stretch potential at Liberia and AMMC Progress relative to targets 5

Recap Recap Global scale, regional leadership NAFTA Brazil* Europe Mining ACIS Revenues ($bn) 20.6 10.2 40.1 5.8 8.3 % Group** 26% 13% 50% 7% 10% EBITDA ($bn) 1.4 1.9 1.6 2.0 0.3 % Group** 20% 28% 24% 29% 4% Shipments (M mt) 23.3 9.8 38.4 59.7*** 12.3 % Group 28% 12% 45% 15% 232,000 employees serving customers in over 170 countries Global scale delivering synergies The presentation in this slide reflects the reporting segments that the Company intends to adopt as from its first quarter 2014 results. The change in segments results from the Company s organizational and management restructuring announced in December 2013. Allocation of businesses to reporting segment has not been finalized; accordingly, the numbers presented in this slide are indicative and not final * Brazil includes neighboring countries ** Figures for others and eliminations are not shown; *** Iron ore shipments only 6

Recap Recap Largely exposed to the developed markets of NAFTA and EU Sales as % of total Group CANADA 4% MEXICO 3% USA 20% NAFTA 26% EU 39% BELGIUM 2% FRANCE 6% GERMANY 9% ITALY 3% SPAIN 5% Others 6% EU 15 30% CZECH REPUBLIC 2% POLAND 4% ROMANIA 1% Others 2% Rest EU 9% EU 39% Africa, 7% BRAZIL 8% ARGENTINA 2% Others 3% LATAM 13% LATAM 13% Africa 7% Approximately 2/3 of sales to developed markets 7

Recap Continued safety improvement 2013 strategic report card Global overview Enablers Focus Key value drivers Critical strategic enablers Operational excellence Innovation Franchise development Outlook Global demand outlook 8

Enablers Key value drivers of an industry leader Raw Materials Distinctive attributes 3 Global scale and reach Unmatched technical capability Steel Making Finished Steel Low cash cost Capacity expansion Reserve development Scale Operational excellence Right-sizing capacity Diversified portfolio Quality R&D / innovation Solution-orientated Financial capability Distribution Customer proximity Service excellence Logistics Leading positions in the most attractive areas of the steel value chain 9

Enablers Critical strategic enablers Strong balance sheet A sustainable Through-the-cycle approach required Ensures balance sheet flexibility for funding organic growth and executing options at all points of the cycle Active portfolio management Acquisitions typically more attractive than greenfield investment But the Company is also willing to dispose of businesses that cannot meet its performance standards or that have more value to others Decentralized organizational structure Global scale and scope is a competitive advantage that also introduces complexity and the risks of inefficiency Decentralized structure with BU autonomy drives optimal behaviour The best talent Success depends on the quality of and our ability to engage, motivate and reward our people Continuous processes to attract, develop and retain the best talent Strategic enablers are critical to achievement of industry leadership 10

Enablers Strong balance sheet Net debt* progression ($bn) Pension/OPEB net liability ($bn) reduced >20% in 2013-8.8 24.9 Pension 11.3 4.7-2.6 (0.2) (1.7) 8.7 (0.7) 16.1 15.0 OPEB 6.0 ER 0.6 3Q 11 4Q 13 Medium term target Net deficit 2012 Cash contribution net of P&L charges** DBO*** reduction Assets return Net deficit 2013 Lowest level of net debt since the merger in 2006 Medium term net debt target of $15bn remains Pension/OPEB liability is sensitive to long term interest rates A 1% increase in the discount rate reduces the liability by $1.8bn Lower net debt (lower interest) and lower pension liabilities (lower financing costs) * Net debt refers to long-term debt, plus short term debt, less cash and cash equivalents, restricted cash and short-term investments (including those held as part of asset/liabilities held for sale); ** Including pension, other post employment benefits (OPEB) and early retirement (ER); *** DBO refers to Defined Benefit Obligation (weighted average interest rate increase from 4.5% in 2012 to 5.1% in 2013) 11

Enablers Active portfolio management Including: Additionally: $3.6bn cash raised from asset sales since 3Q 2011 MacArthur Coal stake BNA stake Erdemir (½ of interest sold) Skyline Enovos Paul Wurth AMMC stake Reduced ownership of Baffinland to 50% with Nunavut Iron ore increasing its share of funding Annaba: diluted stake to 49% to facilitate expansion of capacity Optimized the portfolio of subsidiaries, JVs and investments 12

Enablers M&A: AM/NS Calvert Establishes our leadership in NAFTA for next 10yrs Strategically important transaction Capitalizing on an exceptional opportunity State-of-the art facility capable of producing Advance High Strength Steels (AHSS) Strengthens our NAFTA Automotive franchise business AM/NS Calvert Hot strip mill: State of the art walking beam reheating furnace Minimal impact on ArcelorMittal balance sheet AM/NS Calvert significantly strengthens the ArcelorMittal franchise in NAFTA 13

Enablers Decentralized and autonomous NAFTA Brazil Europe ACIS Mining Steel businesses have been grouped by region with ONE single point of responsibility: Reduced organizational complexity Regional autonomy with devolved authority Simplification of internal processes Principal expectations: A lean, action-orientated organization Improved accountability and empowerment Quicker decision making Flat, long and distribution solutions working together to improve results within the regions Simplification of the senior organization to facilitate decision making 14

Enablers The best talent Employee Relations & Social Dialogue Compensation & Benefits Workforce Planning & Resourcing The best talent Performance Management Talent Identification & Development Achieving Business Strategy through its People ArcelorMittal University Motivating, developing and rewarding talent is key to sustainable business 15

Recap Enablers Continued safety improvement 2013 strategic report card Global overview Key value drivers Critical strategic enablers Focus Operational excellence Innovation Franchise development Outlook Global demand outlook 16

Focus Operational excellence 2013-15 management gains program ($ billion) Annualized savings Savings targets 12M 13 achieved Bottom up plan across the group Leveraging extensive benchmarking opportunities within the group 2.0 3.0 Improvements in reliability, fuel rate, yield, productivity, etc. 1.1 2013 2014F 2015F Business units plans rolled out and key personnel accountable for delivery Gap analysis completed in 2012 defined the priorities for 2013-2015 program 17

Focus Commitment to innovation Continuous investment in R&D drives innovation Usibor 1500P: first serial use of hot stamping of coated boron steels, patented by ArcelorMittal I II III Generation 1, phase 2 AHSS: Dual Phase, TRIP Steels, Martensitic etc. Generation 1, phase 1: HSLA, HSS Generation 2: TWIP, X-IP Generation 1, phase 3: Usibor for hot stamping 1990 2008 2010 2012 2017 Generation 3: 3rd Gen AHSS ArcelorMittal R&D program is global 1,300 full time researchers Broad, comprehensive portfolio and programmes addressing business needs Worldwide network of laboratories (11 labs in Europe and North America) Contribution to ULSAB/ULSAC industry-wide lightweight effort ArcelorMittal s ABC lightweight project S-in motion demonstrate s the potential of AHSS S-in motion electric vehicles Lightweight steel door Committed funding throughout the crisis R&D budget increase in 2014 S-in Motion: a catalogue of 60 steel solutions Savings of up to 73 kg or 19% of a typical C-segment vehicle s Body In White and chassis weight A 13.5% reduction in CO2 equivalent (eq) emissions during the vehicle s use-phase Increased collaboration with OEMs on co-engineering activities Contribution to significant growth of Advanced High Strength Steels and increase of our patented solutions (e.g. Usibor and Laser Welded Blanks) Through constant innovation, steel remains the material of choice 18

Focus Franchise development: Exploiting potential of world-class Mining business Marketable iron ore shipments growth (Mt) +22% ~ +15% Reinforced Management New CEO Bill Scotting In place since mid 2013 29 35 Delivering on Volumes 10Mt capacity added in 2013 Marketable shipments +22% 2012 2013 2014F Delivering on Cost Average iron ore concentrate cash costs maintained in 2013 But projected to decline 7% in 2014 Iron ore production capacity (Mt) 60 70 84 Identifying Growth Stretch production beyond 84Mt at minimal additional capex Opportunities identified at Liberia and AMMC 2012 2013 2015F Leveraging infrastructure to bring resources to market and reduce costs 19

Focus ACIS turnaround underway Reinforced Management New CEO Davinder Chugh NEW COO Mark Vereecke 22/50 top management changes Temirtau: Bar mill productivity, tn/h +27% Operational Reliability Focus is ops, ops, ops WCM program with focus on Maintenance Transformation Visible impact at Termitau 2012 2013 2014F Invest Capex budget raised Investing in skills development Kryviy Rih: Overall equipment efficiency (OEE) of LFCC* +34% Exchange Rates FX weakness boosts export competitiveness Reduces competitiveness of importers 2012 2013 2014F Focus on improving operations 20

Recap Enablers Continued safety improvement 2013 strategic report card Global overview Key value drivers Critical strategic enablers Focus Operational excellence Innovation Franchise development Outlook Global demand outlook 21

Outlook Our markets are growing Balance of growth favors ArcelorMittal exposure ArcelorMittal weighted global manufacturing PMI** Turnaround in EU28 and NAFTA 2014 demand, which accounts for ~2/3 of AM deliveries with positive momentum into 2015 EU28 auto production expected to grow by 2.5m units over the next 5 years, or 3% CAGR* NAFTA light vehicle production expected to grow by 2.5m units by 2018, to 7% above 2000 peak* Emerging market growth rate has slowed but overall, still positive yoy growth The average of 40 country-specific PMI readings weighted by share of ArcelorMittal deliveries bottomed in mid-2009 ArcelorMittal to benefit specifically from developed market growth * Source: LMC Automotove **Purchasing managers Indices for over 40 countries weighted by share of ArcelorMittal finished steel deliveries. Source: Markit 22

Outlook Core markets moving from contraction to growth in 2014 Global apparent steel consumption growth in 2013 Global apparent steel consumption growth forecast* in 2014 (v 2013) US -0.8% US 3.5-4.5% EU28-0.5% EU28 1.5-2.5% China 6.9% China 3.5-4.5% Brazil 4.6% Brazil 2-3% CIS 2.8% CIS 1.5-2.5% Global 3.4% Global 3.5-4% ArcelorMittal s key markets moving from contraction to growth in 2014 * Source: ArcelorMittal estimates 23

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Outlook Positive fundamentals in developed markets End market growth prospects in US and EU28 (2007=100) 125 120 115 110 105 100 95 90 85 80 75 70 65 60 55 50 USA 115 110 105 100 95 90 85 80 75 70 65 EU28 Construction* Machinery** Auto*** Improving market fundamentals in core markets * Weighted by steel demand, i.e. larger weight given to non-residential; ** Industrial output of machinery and equipment (Source:: IHS Global Insight forecasts at Jan 2014); *** Light vehicle assembly (Source: LMC Auto Feb 14) 24

Outlook EU and NAFTA recovery Potential for 40Mt demand recovery 2013-18 NAFTA +20Mt* ArcelorMittal has the industrial capacity to capture this demand recovery EU28 +20Mt** Margins will improve as fixed costs spread across increasing tonnes We anticipate increased capacity utilization rates in the coming years * ArcelorMittal estimates, represents a CAGR (2013-2018) of 3.1% for NAFTA ** ArcelorMittal estimates, represents a CAGR (2013-2018) of 2.6% for EU28 25

Conclusion 26

ArcelorMittal is in a position of strength to capitalize on opportunities & deliver value Cost competitive assets Exposed to fastest growing markets Industry leading returns World-class mining business Leading supplier to automotive industry Components are in place to deliver industry leading returns and value 27

Q&A 28